US Treasury Department Says Stablecoins Must Be Regulated
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Report Calls for Congressional Action to Address Risks With Fiat-Backed Tokens
A new report from the U.S. Treasury Department urges Congress to “act promptly” to issue legislation that brings additional oversight to stablecoins, or crypto tokens pegged to fiat currencies. Federal officials say regulation should match that of traditional financial institutions - as a way to mitigate investor, market and cybersecurity risks, among others.